27 research outputs found
Financial structures and the real effects of credit-supply shocks in Denmark 1922-2011
Outcomes for Implemented Macroeconomic Policy Responses and Multilateral Collaboration Strategies for Economic Recovery After a Crisis: A Rapid Scoping Review
Quantifying the relative importance of export industries in a small open economy during the great depression of the 1930s: an input–output approach
On security of collateral in Danish mortgage finance: a formula of property rights, incentives and market mechanisms
DNA microarray to detect and identify trichothecene- and moniliformin-producing Fusarium species
The state as the investor of last resort: a comparative study of banking crises in Denmark and Sweden
This article addresses the role of the state in bailouts, i.e. government objectives and measures during banking crises. Our main question concerns the incentives and measures that governments pursue in a state of a systemic banking crisis, and why they are launched. What have been the objectives and operations when a government has decided to act as an investor of last resort and take control of commercial banks? The answer is limited to cover the financial history of two countries. The study unveils government interventions in the latest crises in Denmark and Sweden, and critically analyse which objectives justified the setting up of organisations for financial stability. The two country-cases differ in terms of historical experience, context, and time-period. We compare intrinsic principles and perceptions for government intervention, with a focus on bailouts and state-owned banks. We argue that the implementation of measures dates back to the early phases of capitalism in the 19th century i.e. is part of a historical institutional pattern. The similarities shown indicate that there is an international standard for a public-private arrangement ensuring financial stability. Our results relate to the discussion of launching effective and legitimate state policies during and after a systemic banking crisis.Funding Agencies|Aners stiftelse and Nasdaq Nordic Foundation</p
Challenges for the construction of historical price indices : the case of Norway, 1777-1920
This paper reviews some methodological and practical problems encountered in the construction of historical price indices. The underlying data sets in such studies are often characterized by heterogenous and incomplete price series. It is shown that by using the repeat sales method for constructing the subindices for individual commodity groups some of the main problems can be overcome. The procedures are illustrated by material from the construction of monthly price indices for Norway from the year 1777 to 1920. The price indices shed new light on two great wartime in ationary episodes in Norway: 1807-1817 and 1913-1920. In spite of a 61-fold increase in the price level in the rst period and a 4-fold increase in the second, it is found that, after in
ation had been brought under control, prices reverted to a level consistent with the purchasing power parity principle